I asked AI and it looks like it is true. I asked what was the tax rate percentage for the top 10 percent of income earners in the US for each of the decades from 1940 to now:
1940s: Peaked at 94% in 1944–1945.
1950s: Remained high, peaking around 91%.
1960s: Started at 91% and dropped to 70% by 1965.
1970s: Remained around 70%.
1980s: Dropped from 70% to 50%, ending at 28%.
1990s: 31% to 39.6%.
2000s: Decreased from 39.6% to 35%.
2010s: Ranged from 35% to 39.6%.
Current (2020s): 37%.
Also, in 1930 it was low as well.
So it looks like the years in which we did the things Gary wants us to do again in his essay were all done during periods of time in which we taxed the super rich heavily.
kQq9oHeAz6wLLS|25 days ago
iancmceachern|25 days ago
1940s: Peaked at 94% in 1944–1945. 1950s: Remained high, peaking around 91%. 1960s: Started at 91% and dropped to 70% by 1965. 1970s: Remained around 70%. 1980s: Dropped from 70% to 50%, ending at 28%. 1990s: 31% to 39.6%. 2000s: Decreased from 39.6% to 35%. 2010s: Ranged from 35% to 39.6%. Current (2020s): 37%.
Also, in 1930 it was low as well.
So it looks like the years in which we did the things Gary wants us to do again in his essay were all done during periods of time in which we taxed the super rich heavily.
This seems at odds with this from him: https://www.linkedin.com/posts/garrytan_larry-and-sergey-can...
I agree that we should do big things for the greater good. That's an easy sell for everyone.
The real conversation needs to be about who pays for it, and how.